THE FULBRIGHT FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED
30 SEPTEMBER 2024
REGISTERED CHARITY NUMBER 328571
THE FULBRIGHT FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
CONTENTS
| Trustee’s Report: | |||||
|---|---|---|---|---|---|
| Objectives and Activities | 2 | ||||
| Achievements | and Performance | 3 | |||
| Financial Review | 4 | ||||
| Structure, | Governance and Management | 4 | |||
| Reference and | Administrative Details | 7 | |||
| Independent Auditors' Report Financial Statements: |
9 | ||||
| Statement of Financial Activities | 13 | ||||
| Balance Sheet | 14 | ||||
| Notes to the Financial Statements | 15 |
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THE FULBRIGHT FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
TRUSTEE’S REPORT
OBJECTIVES AND ACTIVITIES
Purpose of the charity
The mission of the Fulbright Foundation (“Foundation”) is to advance knowledge, promote civic engagement and develop compassionate leaders by:
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enabling citizens of the United States of America and of the United Kingdom, who are normally resident in their home country and are participating in educational exchanges, to engage in programmes of study, teaching, research, and training in the other country, and for that purpose facilitating studentships, scholarships, fellowships, and other awards.
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facilitating and producing events and conferences (virtual and in person) on a range of subjects where academic knowledge meets public interest.
Activities
The Foundation carries out these objects by supporting the work of the United States-United Kingdom Educational Commission (commonly known as the US-UK Fulbright Commission), which administers Fulbright scholarships and other academic exchanges between the US and UK, as well as events and colloquia relating to such exchanges.
The charity receives grants and donations from a range of organisations and individuals who wish to support its charitable purposes. These include other charitable foundations in the UK and US, as well as alumni of the UK and US Fulbright scholarship programme.
The Foundation makes grants to the US-UK Fulbright Commission to help fund Fulbright scholarships and other educational exchange programmes such as the UK Summer Institutes programme. Further information is provided in the Achievements and Performance section below.
Applications for Fulbright scholarships are encouraged from all sections of the community and are made through the US-UK Fulbright Commission and are open to those at postgraduate level and above; opportunities to participate in short-term exchange schemes are available for students aged 18 and above; all scholarships and grants are offered on the basis of academic merit. Application forms and details of the schemes are available at the US-UK Fulbright Commission website www.fulbright.org.uk.
The trustee confirms that it has complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit, including the guidance on “Public Benefit: running a charity (PB2)”.
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TRUSTEE’S REPORT
ACHIEVEMENTS AND PERFORMANCE
The Foundation pursued its objects by seeking and using funds to support scholarships and other programmes run by the US-UK Fulbright Commission. The Foundation expects to use some of these funds to support the Summer Institutes in FY2025.
The Foundation received a total of £35,662 in donations.
The Foundation received donations of £19,839 from the Louis and Gannett Foundations for the purpose of supporting the Fulbright Commission’s UK Summer Institute programme. No additional funds were needed by the Commission for Summer Institutes in 2024. The Foundation will contribute to the programme in 2025.
The Foundation also received £15,823 in other donations including £407 from alumni of the US-UK Fulbright scholarship programme.
The Year Ahead
The primary aim of the Fulbright Foundation in 2025 is to continue to support the strategic priorities of the US-UK Educational Commission. In pursuit of these aims, the Foundation cooperates with the Commission’s expanded fundraising efforts.
Risk Management
The Trustee regularly reviews and discusses the risks to which the charity is exposed and the potential mitigating actions. The risk register is reviewed at least annually.
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TRUSTEE’S REPORT
FINANCIAL REVIEW
Total donations received in the year amounted to £ 35,662 (2023: £45,527). Unrestricted reserves were £121,650 (2023: £110,420), in line with approved target free reserves.
The Foundation earned £5,675 (2023: £3,756) in bank interest during the year which, was attributable £4,365 to restricted funds and the balance to unrestricted funds.
A total of £170 (2023: £42,655) was expended on charitable activities for CAF charges. No funds were expended for scholarships and other grants during the year.
Governance and management costs are primarily borne by the US-UK Educational Commission. During the year the Foundation incurred governance costs of £5,966 (2023: £5,521) of which £170 was from restricted funds and £5,796 from unrestricted funds.
Reserves Policy
The Trustee established a revised reserves policy and decided to reduce progressively the level of free unrestricted reserves of the Foundation to £100,000 in order to use the excess for additional Fulbright awards. This policy will bring the unrestricted reserves to £100,000 during 2024/25.
Restricted reserves are held where donations or grants to the charity have been defined by the donor as to be used for a specific charitable purpose.
As of 30 September 2024, the total reserves of the charity amounted to £502,362. Of these, £380,712 (2023: £366,775), were held in restricted funds; the principal balances are in the Nursten Fund £145,278, founded to support a UK Fulbright Student Award in Food Security at the University of Florida’s College of Agricultural and Life Sciences; the Barzun Fund, founded to promote community outreach by US students studying in the UK which holds £58,556 and the Louis/Gannett Fund, which supports the Fulbright Commission’s Summer Institute programme, which holds £122,285.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Fulbright Foundation was established by the United States-United Kingdom Educational Commission (commonly known as the US-UK Fulbright Commission) on 9 March 1989. It is now governed by a trust deed dated 9 March 1990. The Foundation is a registered charity (number 328571).
Trustee
The sole trustee is the Fulbright Foundation (Trustee) Limited, a company limited by guarantee and incorporated in England and Wales, company number 9155112.
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TRUSTEE’S REPORT
Directors of the Fulbright Foundation (Trustee) Limited who served during the year and up to the date of this report are as follows:
Other Occupation
Sir David Eastwood (Chair)
Sir David Eastwood (Chair) INTO University Partnerships, Former Vice Chancellor at the University of Birmingham. Drake Dubin (until 1[st] November 2023) Operating Officer, Business in the Community Victoria Garnett (until 1[st] May 2024) Detective Superintendent, Metropolitan Police Professor Sir Steve Smith UK Government International Education Champion, Department for Education Mukul Devichand Editor of Audio Programming, New York Times Miriam Patterson Senior Director at International Capital Market Association
Susan Sternglass Noble Non-Executive Director of Unity Trust Bank and Asia Dragon Trust Rachel Sandison Deputy Vice-Chancellor (External Engagement) at University of Glasgow Robin Saunders (until 31[st] August 2024) Managing Partner, Clearbrook Capital Partners LLP Professor Revd. Keith Magee Chair and Professor of Social Justice, Newcastle University Paul O’Neill Company Director Pamnella DeVolder Cultural Attaché at US Embassy London Rodney Ford Minister Counsellor for Public Affairs - U.S. Embassy Carla Matero Founder & CEO of Honor Bound LLC Dr Faye Taylor Deputy Director, International Strategy, Union & Devolution, Department for Education
The directors of the Fulbright Foundation (Trustee) Limited are appointed by its existing board of directors and are generally drawn from the directors of the US-UK Fulbright Commission (which is the sole corporate commissioner of the US-UK Educational Commission) up to seven of whom are US citizens appointed by the US Ambassador, and up to seven are UK citizens appointed by the Secretary of State for Education, one of whom is in practice nominated by the Scottish Government.
Secretary and Treasurer
Maria Balinska-Szczerba Commission Nelson Garcia-Narvaez (until 15[th ] June 2024) Alison Mugunthan, (from 16[th] June 2024)
Executive Director, US-UK Fulbright Director of Finance Director of Finance
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TRUSTEE’S REPORT
The trustee meets three times a year; supporting committees meet regularly and report to the trustee at the trustee meetings.
The supporting committees are Finance, Audit & Risk, Alumni & Outreach and Remuneration & Nominations.
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TRUSTEE’S REPORT
REFERENCE AND ADMINISTRATIVE DETAILS
Charity Name: The Fulbright Foundation
Charity registration number (England and Wales): 328571
Address
Unit 302, Third Floor, Camelford House 89 Albert Embankment London SE1 7TP
Bankers
Lloyds Bank Oxford Street London W1D 2HW
COIF Charities Deposit Fund 85 Queen Victoria Street London, EC4V 4ET
Auditors
Moore Kingston Smith LLP Chartered Accountants and Registered Auditors 9 Appold Street, London, EC2A 2AP
Solicitors
Bates Wells Braithwaite 10 Queen Street Place London EC4R 1BE
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TRUSTEE’S REPORT
Statement of Trustee’s Responsibilities
The trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS102 ‘The Financial Reporting Standard applicable in the UK and Ireland’.
The law applicable to charities in England and Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the trustee is required to:
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select suitable accounting policies and then apply them consistently.
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observe the method and principles in the Charities SORP.
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make judgements and estimates that are reasonable and prudent.
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. It is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustee is aware:
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there is no relevant audit information of which the charity's auditor is unaware; and
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the trustee has taken all steps that it ought to have taken to make itself aware of any relevant audit information and to establish that the auditor is aware of that information.
The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following in the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the requirements of the Charities Act 2011.
Signed on behalf of the trustee:
Sir David Eastwood
Chair of the Fulbright Foundation (Trustee) Limited Dated: 31[st] July 2025
8
THE FULBRIGHT FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEE OF THE FULBRIGHT FOUNDATION
Opinion
We have audited the financial statements of The Fulbright Foundation for the year ended 30[th] September 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity’s affairs as of 30[th] September 2024, and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern.
In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustee is responsible for the other information. Our
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opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception.
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the Trustee’s Annual Report is inconsistent in any material respect with the financial statements; or
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the charity has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we required for our audit.
Responsibilities of the trustee
As explained more fully in the trustee’s responsibilities statement set out on page 8, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect
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of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.
Our approach was as follows:
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we obtained an understanding of the legal and regulatory requirements applicable to the charitable company through the use of permanent audit file information, updated this year for any changes that have been identified by management or by our own investigations and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council;
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we obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance and through reviews of relevant accounting and management records;
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we assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, based on our work as outlined above;
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we enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations, using associated documentary evidence to better understand items of interest;
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based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. As well as specific audit testing, this included approaching accounting records with an inquisitive and sceptical mindset such that we examined items that were felt to be of interest or of higher risk in this area, and obtaining additional corroborative evidence as required.
To address the risk of fraud through management override of controls, we carried out the following work:
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procedures were undertaken to identify any unusual or unexpected matters, and the rationale behind any such matters was examined.
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journal entries were reviewed to identify unusual transactions.
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judgements and assumptions made in determining the accounting estimates set out in the accounting policies were reviewed.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustee.
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Conclude on the appropriateness of the trustee’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the charity's trustee, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustee for our audit work, for this report, or for the opinion we have formed.
Move Kingshe Svits UP
31[st] July 2025
Statutory auditor
9 Appold Street London EC2A 2AP
Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.
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THE FULBRIGHT FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2024
----- Start of picture text -----
2024 2024 2024 2023 2023 2023
Note Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds
INCOME AND EXPENDITURE £ £ £ £ £ £
INCOME
Donations 2 10,633 25,029 35,662 5,804 39,723 45,526
Investment income 2 1,310 4,365 5,675 846 2,910 3,756
Other income 2 5,084 5,084 5,543 - 5,543
TOTAL INCOME 17,027 29,394 46,421 12,193 42,633 54,825
EXPENDITURE
Charitable Activities 3 5,796 170 5,966 5,354 42,822 48,176
TOTAL EXPENDITURE 5,796 170 5,966 5,354 42,822 48,176
NET INCOME / (EXPENDITURE) 11,231 29,224 40,455 6,839 (189) 6,650
Other recognised gains and (losses)
Exchange gains / (losses) on cash balances - (15,287) (15,287) - (12,725) (12,725)
NET MOVEMENT IN FUNDS 11,231 13,937 25,168 6,839 (12,914) (6,075)
RECONCILIATION OF FUNDS
Total funds brought forward 110,420 366,775 477,196 103,750 379,689 483,270
Total funds carried forward 7, 8 121,650 380,712 502,362 110,420 366,775 477,196
----- End of picture text -----
All gains or losses arising in the year are included in the Statement of Financial Activities and arise from continuing operations. The notes on pages 15 to 21 form part of these accounts.
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THE FULBRIGHT FOUNDATION BALANCE SHEET AS AT 30 SEPTEMBER 2024
| Note CURRENT ASSETS Debtors 4 Cash at Bank Total current assets CURRENT LIABILITIES Creditors falling due within one year: 5 Total current liabilities TOTAL NET ASSETS 6 FUNDS OF THE CHARITY Restricted funds 7 Unrestricted funds 8 TOTAL FUNDS |
2024 £ 5,156 501,986 507,142 4,780 4,780 502,362 380,712 121,650 502,362 |
2023 £ 7,408 516,404 523,812 46,617 46,617 477,195 366,775 110,420 477,195 |
|---|---|---|
The notes on pages 15 to 21 form part of these accounts.
The financial statements were approved by the Board and authorised for issue on and were signed on its behalf by:
Chair Date: 31st July 2025
Secretary Date: 31st July 2025
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THE FULBRIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 ACCOUNTING POLICIES
Charity Information
The Fulbright Foundation is a charity domiciled in England and Wales. The Registered office is Unit 302, Third Floor, Camelford House, 89 Albert Embankment, London SE1 7TP.
a) Accounting convention
These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Ireland' ("FRS 102") issued on 16 July 2014 and the requirements of the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. The financial statements have been prepared under the historic cost convention. The principal accounting policies adopted are set out below.
b) Going Concern
These financial statements are prepared on a going concern basis. The Trustee has assessed whether the use of the going concern basis is appropriate and has considered possible events or conditions that might cast significant doubt on the ability of the Foundation to continue as a going concern. The Trustee has made this assessment for a period of at least one year from the date of the approval of the financial statements.
The Trustee is of the view that there are no material uncertainties for the coming year that affect their assessment, particularly in the light of the continued support of the Foundation's sponsoring organisations and the adequacy of the Foundation's reserves. Following due consideration, the Trustee has concluded that there is a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. For this reason the Trustee continues to adopt the going concern basis in preparing these financial statements.
c) Income
All income is included in the Statement of Financial Activities when the Charity is legally entitled to the income, the amount can be quantified with reasonable accuracy and the receipt of income is probable.
d) Expenditure
Expenditure is accounted for on an accruals basis.
e) Cash flow
The charity has made use of the exemption, as a small charity, from the requirement to prepare a cash flow statement.
f) Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling in the period of the transaction. All assets held at the balance sheet date which are denominated in US dollars are translated at the closing rate of $1.338 to £1 (2023: $1.2197). Gains and losses arising on translation are included in the Statement of Financial Activities for the period.
g) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts.
h) Debtors
Debtors are measured at the amounts recoverable.
i) Creditors
Creditors are recognised where there is a present obligation at the reporting date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement and the amount can be estimated reliably.
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THE FULBRIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 ACCOUNTING POLICIES (Continued)
- j) Financial instruments
The charity has elected to apply the provisions of section 11 'Basic Financial Instruments' and section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the charity's obligations are discharged, cancelled, or they expire.
- k) Judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the trustee is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. In the view of the trustee, in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements, nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
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THE FULBRIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
2 ANALYSIS OF INCOME
| Voluntary Income Donations Grants Other Income Total Donations Investment income Bank interest receivable Total Investment income ANALYSIS OF CHARITABLE EXPENDITURE Direct expenditure on Charitable activities (note 9) Scholarship programme Summer institutes Total Governance costs (note 10) Total charitable expenditure |
Unrestricted Restricted Total Funds Funds 2024 £ £ £ 10,633 29,394 40,028 |
Unrestricted Restricted Total Funds Funds 2023 £ £ £ 5,804 19,058 24,862 - 20,665 20,665 5,543 - 5,543 11,347 39,723 51,070 846 2,910 3,756 846 2,910 3,756 Grant funding Support Total of activities Costs 2023 £ £ £ 42,655 - 42,655 - - - 42,655 - 42,655 167 5,354 5,521 |
|---|---|---|
| - - - 5,084 - 5,084 15,717 29,394 45,112 1,310 - 1,310 1,310 - 1,310 Grant funding Support Total of activities Costs 2024 £ £ £ - - - |
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| - - - - - - 5,796 170 5,966 |
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| 5,796 170 5,966 |
42,822 5,354 48,176 |
|
3 ANALYSIS OF CHARITABLE EXPENDITURE
Notes:
Governance costs above include auditor's remuneration of nil (2023: nil) as the costs are met by the United States - United Kingdom Educational Commission.
The charity does not employ any staff and there are no employees (2023: nil) who receive emoluments of more than £60,000.
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THE FULBRIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
4 DEBTORS
| Due from the Fulbright Commission 5 CREDITORS Other creditors 6 ANALYSIS OF NET ASSETS Current Assets: Debtors Cash at Bank Current Liabilities |
Unrestricted Restricted Total Funds Funds 2024 £ £ £ 5,156 - 5,156 121,274 380,712 501,986 (4,780) - (4,780) 121,650 380,712 502,362 |
2024 2023 £ £ 5,156 7,408 2024 2023 £ £ 4,780 46,617 Unrestricted Restricted Total Funds Funds 2023 £ £ £ 7,408 - 7,408 149,629 366,775 516,404 (46,617) - (46,617) 110,420 366,775 477,195 |
|---|---|---|
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THE FULBRIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
7 MOVEMENT ON RESTRICTED FUNDS
| Current year Anthony Eden Fund US Fulbright Foundation Professor R Worcester Zurich (formerly BAT) Louis/Gannett Foundations Nursten Food Security Award Diamond Foundation Fund Alumni Fund Wallitt Foundation American Donor Fund Ambassador Barzun Fund Prior year Anthony Eden Fund US Fulbright Foundation Professor R Worcester Zurich (formerly BAT) Louis/Gannett Foundations Nursten Food Security Award Diamond Foundation Fund Alumni Fund Wallitt Foundation Ambassador Barzun Fund |
Balance Income Expenditure Gains & (losses) Balance 1 Oct 23 30 Sept 24 £ £ £ £ £ 5,631 67 - - 5,698 208 2 - - 210 8,257 98 - - 8,355 3,112 37 - - 3,149 110,854 21,158 - (9,727) 122,285 143,569 1,709 - - 145,278 13,544 161 - - 13,705 18,238 407 (170) - 18,475 - - - - - - 5,000 5,000 63,362 754 - (5,560) 58,556 366,775 29,395 (170) (15,287) 380,712 Balance Income Expenditure Gains & (losses) Balance 1 Oct 22 30 Sept 23 £ £ £ £ £ 5,586 45 - - 5,631 206 2 - - 208 8,190 67 - - 8,257 3,087 25 - - 3,112 102,080 21,499 - (12,725) 110,854 171,205 1,164 (28,800) - 143,569 13,435 109 - - 13,544 13,052 19,208 (14,022) - 18,238 - - - - - 62,848 514 - - 63,362 379,689 42,633 (42,822) (12,725) 366,775 |
|---|---|
The gains and losses relate to foreign exchange losses on non GBP fund balances. The Anthony Eden Fund comprises donations received from Fulbright alumni and to which current grantees may apply for assistance with emergency travel costs.
The US Fulbright Foundation fund comprises the previously unrestricted funds of the Fulbright Foundation for Education & Cultural Exchange (UK) Inc.
Professor Sir Robert Worcester donated money to sponsor postgraduates studying government at the London School of Economics.
The Zurich Fund was originally given by BAT Industries to sponsor students of Business Administration.
The Elizabeth and Jeff Louis Foundation and the Gannett Foundation make donations to support the summer institutes.
Jean Nursten fund reflects donation received to fund UK citizens undertaking a postgraduate degree in the US in Food Security studies.
The Diamond Family Foundation made a donation in 2014 to fund awards which include a project in Africa after initial postgraduate study in the US or UK.
An Alumni restricted fund was established following the merger with the British Fulbright Scholars Association to hold reserves transferred from the BFSA and new donations received from Alumni. This restricted fund is to support the UK postgraduate award programme.
The Wallitt Foundation made a donation in 2021 to fund the Global Challenges Teaching Award focused on Racial Justice.
The former US ambassador in London, Matthew Barzun, has made, together with his wife, a donation to fund community
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THE FULBRIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
8 MOVEMENT ON UNRESTRICTED FUNDS
| Current year Unrestricted Funds Prior year Unrestricted Funds |
Balance Income Expenditure Gains & (losses) Balance 1 Oct 23 30 Sept 24 £ £ £ £ £ 110,420 17,027 (5,796) - 121,650 110,420 17,027 (5,796) - 121,650 Balance Income Expenditure Gains & (losses) Balance 1 Oct 22 30 Sept 23 £ £ £ £ £ 103,750 12,193 (5,354) - 110,420 103,750 12,193 (5,354) - 110,420 |
|---|---|
The unrestricted funds will be used to support the work of the United States - United Kingdom Educational Commission (the US-UK Fulbright Commission).
9 CHARITABLE ACTIVITIES
Grants paid to the United States-United Kingdom Educational Commission
| Alumni Fund NurstenFood Security Fund From Other Fundraising Total Charitable Expenditure |
Unrestricted Restricted Total Unrestricted Restricted Total Funds Funds Funds Funds 2024 2024 2024 2023 2023 2023 £ £ £ £ £ £ - - - - 13,855 13,855 - - - - 28,800 28,800 - - - - - - - - - - 42,655 42,655 |
|---|---|
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THE FULBRIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
10 GOVERNANCE COSTS
General management, administration, and publicity costs are currently incurred by the United States - United Kingdom Educational Commission (US UK Fulbright Commission) on behalf of the charity.
The directors of the trustee who are considered to be the charity's key management personnel, did not receive any remuneration or reimbursed expenses (2023: nil).
11 RELATED PARTY TRANSACTIONS
i) US UK Educational Commission
During the year transactions took place with the United States - United Kingdom Educational Commission, which has common objectives and is under common control with the Foundation. Outstanding balances at 30 September were:
| Owed by: US-UK Educational Commission Owed to: US-UK Educational Commission |
2024 5,156 5,156 - - |
2023 7,054 7,054 42,098 42,098 |
|---|---|---|
These transactions are in respect of grants from sponsors or donors totalling £ nil (2023: £42,098) less net payments of £ nil (2023: £ nil) and expenses recharged of £ nil (2023: £ nil).
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